KUALA LUMPUR: Offshore support vessel (OSV) provider Icon Offshore Bhd aims to raise about RM450 million from its initial public offering (IPO), targeted next year, to fund its fleet expansion programme for the next two years.
Chief Executive Officer Dr Jamal Yusof said with the proceeds from the listing, the company plans to build three to five vessels to grow its business overseas, apart from paying off its debts and for working capital needs.
"We want to build modern and higher technology vessels. We want to grow our business overseas by having a larger footprint, possibly in the Middle East and also in Southeast Asia," he told Bernama in an interview at the company's headquarters recently.
Currently, the company has 32 vessels and operates in Qatar, Vietnam, Thailand and Malaysia.
Jamal said the company also plans to increase human capital development through various in-house training modules.
"Ninety per cent of our crew are Malaysians, and we want to develop them to be better professionals for the industry.
"We are very big on training and human capital development. You can build a nice asset but if it is not maintained very well, in three years it will seem very old," he said.
On the progress of the IPO, he said the company is still in the midst of assessing which potential investment bank to submit its application to, as well as conducting book building and as the joint global coordinator.
He said the selected bank will be announced by the end of this month and the company hopes to be listed on the Main Market of Bursa Malaysia by May or June next year.
Asked on the strength of Icon Offshore moving forward, he said the company offers a younger fleet with newer technology, wide geographical reach, low cost structure and good track record of health and safety.
He said the company's average fleet age is about three to four years with experienced crews inherited from the merger of Tanjung Kapal Services Sdn Bhd and Omni Petro Maritime Sdn Bhd last year to form Icon Offshore today.
On regional development, he said Icon Offshore is currently in talks with a party in Indonesia to establish a joint venture that will tender for jobs in the country, adding the negotiations are targeted to be concluded this year before the company submits its listing application to Bursa Malaysia.
Ranked among the top three OSV companies in Malaysia with annual turnover of RM270 million, Icon Offshore employs almost 1,000 staff including 800 marine crew and 145 office staff in Kuala Lumpur, Labuan and Kemaman. -- BERNAMA